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From balancing cost-efficiency with ethical sourcing to enhancing transparency and integrating corporate social responsibility (CSR), businesses face mounting pressure to align their operations with sustainability, technology, and energy practices. The energy sector provides a compelling example of CSR-driven compliance.
A few weeks ago, I was fortunate enough to attend the Infor Analyst Innovation summit here in Manhattan, New York. Together, they presented the vision for the future and innovation priorities. Below you can find the three Innovation Pillars they are focusing on within the next year and beyond.
Suppliers are now crucial strategic partners that support product innovation, efficient supply chains, and overall competitiveness. Access to Unique Process and Asset Capabilities: Some suppliers offer unique skills, technologies, or processes that are not available in-house or through other sources.
These pillars provide a comprehensive framework to align operational goals with broader corporate and societal objectives, fostering resilience, innovation, and long-term value. Senior leaders must think beyond incremental improvements, embracing systemic innovation to achieve significant environmental impact.
We’ve seen AI take over everyday tools and search engines; AI in Sourcing and Procurement is becoming a strategic tool in our kit, At Ivalua, we are helping global procurement teams integrate AI across the Source-to-Pay process, bringing automation, insight, and agility to every step. This is where AI can make a huge difference.
We invest a huge amount of time and resources into our people and making sure that we have the best digital talent in the industry and that we’re doing the most innovative things in the supply chain. An iGPU (integrated graphic processing unit) is a current example. But I think we’ve taken it to a more extreme level.
Three major trends are driving growth in this industry whichcan be attributed to regulatory pressures such as the Uyghur Forced Labor Protection Act, advancements in AI, and supply chain innovations. Businesses will need to ensure accurate data reporting across core operations such as sourcing, procurement, and transactions.
The logistics domains and industrys leading software providers recognize that supply chain disruptions and volatility are growing and they have responded with some powerful innovations. Generally, next-gen innovations fall into a few main categories, discussed below.
The difference between sole source vs. single source is on the surface. In single sourcing, your company selects a single supplier exclusively , even though there are other capable suppliers on the market. In sole sourcing, you don’t have a choice —only one supplier can provide what you need. The reason?
These moves highlight the fierce competition to provide the infrastructure necessary for continued AI innovation and scale adoption, in the very active datacenter hardware battlefront. Edge Hardware: The battle for edge hardware also intensified in 2024, as companies sought to deploy AI capabilities closer to the source of data.
While flashy consumer-facing products like social apps garner much attention, innovation in less glamorous areas like supply chain management is equally responsible for propelling startups to unicorn status. Sustainability – Supply chain innovation supports startups committed to green operations.
AI is reshaping the way organizations source, manage suppliers, and drive value today. AI agents offer a smarter, faster way to manage sourcing, risk, and spend across the entire procurement lifecycle. For example, agentic AI can analyze supplier data, evaluate contracts, manage purchase orders, or recommend sourcing strategies.
AI is reshaping the way organizations source, manage suppliers, and drive value today. AI agents offer a smarter, faster way to manage sourcing, risk, and spend across the entire procurement lifecycle. For example, agentic AI can analyze supplier data, evaluate contracts, manage purchase orders, or recommend sourcing strategies.
Optimizing fulfillment requires a series of steps to get a shipment from its source to the end customer. These steps include sourcing and receiving inventory, storing inventory, order processing, picking and packing an order, shipping the order, and returns management. Many companies aim for 95% or higher, which can be a daunting task.
They view their implementation of a tightly integrated suite of applications delivered in a public cloud infrastructure from Oracle as a platform on which they can build to help drive continuous innovation. For example, the bricks in a pizza oven are refractory bricks. HWI employed a crawl-walk-run methodology.
The Need For Supply Chain Innovation: Why You Should Watch These Four Trends ? Transport markets tend towards consolation, which we have observed with the container liners and the emergence of new business models brought about for example by platform aggregators. Source: US Census Bureau. Thinking Outside The Box – Fact or Myth?
Segmentation enables differentiated supplier management strategies , such as focusing risk mitigation efforts on sole-source vendors or negotiating long-term value with strategic suppliers. Centralizing data enables better sourcing decisions and improves collaboration across procurement, legal, and business other units.
Segmentation enables differentiated supplier management strategies , such as focusing risk mitigation efforts on sole-source vendors or negotiating long-term value with strategic suppliers. Centralizing data enables better sourcing decisions and improves collaboration across procurement, legal, and business other units.
Download Now AI Solutions for Complex Demand Planning For supply chain professionals, managing demand involves analyzing multiple signals from diverse sources. Figure: AI offers a new way for supply chain management As an example, demand sensing is particularly advantageous for industries like life sciences. Sign up today!
For example, real-time planning, end-to-end planning, control tower, integrated business planning (IBP), and digital brain are oxymorons while discussions on innovation bounded by a required ROI is a juxtaposition. True innovation is never defined initially by a mandatory Return on Investment (ROI).) Buyer beware.
Facilities sourcing and construction contracting were centralized in the procurement department. While SAP has helped modernize procurement at BU, another of Mr. Moore’s goals was to drive innovation. For example, he wanted a better way to manage tail spend. There was also a realignment. Last year, the company saw $3.5
” At that time, the sales organization used more point-of-sale data than their competitors, they had an impressive and innovative IT team, and their supply chain processes were what I considered best-in-class. Here I share three examples from very different industries. General Mills is an example.)
It was the perfect stage for sharing groundbreaking insights and showcasing innovation, creating a truly unforgettable experience for all who attended. This year’s theme focused on reshaping the procurement industry’s approach to innovation, tackling challenges, and uncovering fresh paths to success.
A data fabric does not store data itself; it connects and provides access to data from diverse sources without physically moving or duplicating it. It accesses, transforms, and harmonizes data from multiple sources to make it usable and actionable for various business use cases. This is an impressive feat that sounds almost magical.
Supplier Collaboration: Driving Innovation and Competitive Advantage In today’s hyper-connected global economy, where supply chains span continents, and industries are interlinked globally, supplier collaboration serves as the foundation to drive innovation and create a future-ready organization.
At a high level, procurement focuses on sourcing the goods and services an organization needs, while supply chain management oversees the broader flow of those goods, from raw materials to end customers. Supply Chain Management (SCM) involves orchestrating a product’s or service’s entire lifecycle, from sourcing and production to delivery.
Digital procurement streamlines workflows and unifies data, enabling faster sourcing, better collaboration, and improved accuracy. Digital procurement is the use of digital technologies to enhance, automate, and optimize procurement processes across the entire source-to-pay (S2P) lifecycle.
In this guide, we’ll explore what cost efficiency is, examples, and best practices on how cost efficiency can make your company more competitive and profitable in today's fast-paced economy. Example of cost efficiency A TechRepair Company operates two service plans: Plan A costs $6,000 monthly and services 1,200 devices.
How to establish a category management system Examples of categories and strategies Why category management in procurement matters How Precoro can help you establish a category management system Frequently asked questions about category management services What is category management? Read on to learn: What is category management?
Layer on more sophisticated machine learning capabilities that incorporate external data sources for a more real-world understanding of demand patterns and supply chain dynamics. ToolsGroups machine learning engine, for example, uses deep learning to analyze historical data and accurately identify future demand trends.
For example, those that actively read my blog, know that I frequently take issue with SAP, but seldom with Oracle. Each is an opportunity cost, and a deterrent, for technology leaders to get serious about innovation. For example, how do you compare Arkieva to ToolsGroup ? The reason? Avoid pitfalls. Let the Data Speak to You.
The Power of Source-to-Pay Digital Transformation To put it briefly, source-to-pay refers to the entire process that starts with finding, negotiating with, and contracting the suppliers of materials, goods and services, and culminates in the final payment for those items. Who Should Prioritize an S2P Digital Transformation?
These rules often seem restrictive, forcing procurement teams to choose compliance over flexibility and innovation. Recent policies cover sustainable and ethical efforts, such as sustainable sourcing , diversity initiatives, and environmental impact. Unsustainable sourcing. Contracts lose up to 40% of their value post-signature.
” The industry is in a groupthink, largely missing the opportunities for breakthrough innovation. For example, the Gartner Top 25 celebrates the accomplishments of Intel (active with Gartner), but in the analysis in Table 1, Nvidia Corporation and Taiwan Semiconductor (TSMC) clearly outperform Intel in the Semiconductor Industry.
Multi-Tiered System of Support (MTSS) platforms have emerged as innovative solutions in education and training, offering customized support that can profoundly enhance the development of future supply chain experts. Preparing the next generation to excel in this dynamic field requires more than traditional education methods.
The following Supply Chain Matters multi-part guest commentary is authored by Michael Lamoureux who provides over 18 years of experience and observations and experience in procurement sourcing technology applications. Michael is the Editor-in-Chief of the SourcingInnovation blog. This is a simple example.
Below are the individual web links and prime takeaway messages from each of our prior postings: Part One : Michael observed that standard sourcing solutions struggle to support direct materials sourcing because of specific challenges in legacy software design.
This data source synchronizes corporate reporting across global markets while tracking restatements, name changes, and currency shifts.) As an aside, I do not think that Lenovo is an example of a supply chain excellence. Innovation in plastic shoe design, and the design of the supply chain to maximize value. The secret?
It involves framing the problem , selecting and validating data sources , imagining possibilities , and applying values —domains where human discernment is essential. Imagination and Innovation : Humans imagine futures that don’t yet exist—something no algorithm can replicate. Empathy and Communication : Humans understand people.
Source: [link]. The United States, for example, wastes about 40% of their food , amounting to about 125 to 160 billion pounds—much of which is perfectly edible. By creating greater transparency throughout food supply chains, manufacturers can identify where the wastage happens and solve the problem at the source.
For example, a robust supply chain may have backup power generators, firewalls, security systems, and emergency plans to prevent or mitigate the effects of disruptions. For example, an agile supply chain may have real-time data, advanced analytics, decision support tools, and cross-functional teams to monitor, diagnose, and solve problems.
Examples of Supply Chain Robots at MODEX 2024 Several exhibitors at MODEX 2024 showcased their innovative solutions for supply chain robotics, demonstrating the diversity and potential of this field. Here are some of the examples that caught our attention.
In todays complex and often volatile global environment, procurement leaders face mounting pressure to cut sourcing costs while navigating geopolitical instability, inflation, tariffs and talent shortages. The truth is, sourcing smarter isnt just about softwareits about strategy, support, and best practices.
We’re talking about solving for the entirety of the procurement lifecycle from strategic sourcing through execution and analysis. For example, when recent tariff wars began, one Fortune 500 company we work with immediately needed to evaluate its total cost of ownership across different regions.
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